129. Design Your Practice To Run Itself with Mike Michalowicz

In this episode, I’m speaking to Mike Michalowicz, author of many books including Profit First about how to design a business that runs itself.

By his 35th birthday Mike had founded and sold two multi-million dollar companies. Confident that he had the formula to success, he became an angel investor… and proceeded to lose his entire fortune.

Then he started all over again, driven to find better ways to grow healthy, strong companies. Among other innovative strategies, Mike created the “Profit First Formula”, a way for businesses to ensure profitability from their very next deposit forward.

Mike is now running his third million dollar venture, is a former small business columnist for The Wall Street Journal; is the former MSNBC business make-over expert; is a popular keynote speaker on innovative entrepreneurial topics; and is the author of Profit First, Surge, The Pumpkin Plan and The Toilet Paper Entrepreneur, which BusinessWeek deemed “the entrepreneur’s cult classic.”

In this episode, we discuss:

1:49 Understanding the hierarchy of needs for you as a practice owner

3:12 Tips for how to get off the delivery treadmill and make time to delegate in your business

3:53 Why you shouldn’t believe the myth of switching from working in to on the business

7:07 Tips for making that leap from working in your business to on your business

9:42 Why putting more effort and more time into your business won’t continue to grow your business

10:43 Understanding that it’s the delegation of outcomes not tasks that achieve growth

13:50 Ways you can empower your team

15:23 Tips for creating a balanced team

18:33 Why you need to focus on your strengths as a business owner

20:05 How to focus on what you’re good at without the wheels falling off your business